This algorithm tries to capture chart pattern by drawing trend line pairs for lower and higher pivots. The algorithm is so powerful that it can capture many well-known pattern such as converging and diverging triangles, rising and falling wedges, flags, trend and range channels etc.
Link to the Indicator: Chart Pattern (Deep Search)
Description - Chart Pattern (Deep Search)
After getting a good response on Wedge-and-Flag-Finder-Multi-zigzag, I thought I will build a little bit further into the script.
Main differences between Wedge and Flag Finder and Chart pattern (Deep Search)
- Uses deep search algorithm for pattern instead of just using last 5 pivots
- Flag pattern is removed so that we can concentrate mainly on trend line pairs
- More overall pattern.
Trend pattern Included
- Uptrend Channel, Downtrend Channel and Ranging Channel
- Rising Wedge and Falling Wedge + Expanding, Contracting types
- Expanding and Contracting Triangles
- Indeterminate - Happens in rare cases where angle calculation results in an error. It may still belong to one of the above pattern.
- This is published as free to use but protected source code indicator. This is because the script contains a deep search algorithm which isn't been made public yet and is also been used in premium scripts such as Auto Chart Pattern Ultimate
- Will not be adding alerts to this indicator.
Chart Components - Chart pattern (Deep Search)
The indicator has simple output where it only draws pattern with names. It does not provide other features such as signals and backtests
There are several options for user input and all are captured as part of settings. The description of each setting is incorporated as tooltips. Some obvious ones such as zigzag length and depth are left as is.